Английский язык: Аннотирование и реферирование текста

123 Examples include stocks (of both raw materials and finished goods), debtors and cash. They are sometimes called current or circu- lating capital. This is because they circulate (‘go round’ in a circle) in normal trading in the following way. 1. The raw materials are turned into finished goods. 2. The finished goods are sold to customers. 3. The customers pay cash. 4. The cash is used to buy more raw materials. What are ‘liabilities’ ? Liabilities are the debts the firm owes to others. Most firms purchase their assets, particularly their stocks, on credit. This means that the goods have been purchased and are owned by the firm, but they will not be paid for until later. Debts are liabilities. They may be: 1. Long - term liabilities . These are debts not repayable for at least a year. Long-term loans are an example. 2. Current liabilities . These are debts, which are repayable within a year. Trade credi- tors (that is, firms from whom goods have been bought on credit) are the main example. Presentation of accounting information Requirements of an accounting system The recording and presentation of financial information is the re- sponsibility of the accounting division headed by the finance manager. A firm’s accounting system should be able to provide the follow- ing information: – a record of day-to-day transaction; – a statement of how well the firm is running over a period of time; – a summary of the firm’s financial position at a given date, a guide to future action and decision-making. The three requirements are met by specific parts of the account- ing system. The day-to-day transactions are first noted in the original